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|USDA/RUS||RIN: 0572-AC43||Publication ID: Fall 2019|
|Title: OneRD Guaranteed Loan Regulation|
Rural Development will combine into a single regulation its four guaranteed loan programs: 1) Water and Waste Disposal, 2) Community Facilities, 3) Business and Industry, and 4) Rural Energy for America. The new regulation will encompass the policies and procedures for guaranteed loan making and servicing, lender reporting, and program monitoring. The proposed action will enable Rural Development to simplify, improve, and enhance the delivery of these four guaranteed loan programs, and better manage the risks inherent with making and servicing guaranteed loans and will result in an improved customer experience for lenders trying to access these programs. This new structure will also make it more efficient and faster to promulgate regulations associated with amending existing programs or incorporating newly authorized programs in the future.
Through this regulation, Rural Development will include statutory changes to implement sections 6103, 6402, 6418, 9001 and 9007 of the Agriculture Improvement Act of 2018 (2018 Farm Bill).
|Agency: Department of Agriculture(USDA)||Priority: Other Significant|
|RIN Status: Previously published in the Unified Agenda||Agenda Stage of Rulemaking: Final Rule Stage|
|Major: No||Unfunded Mandates: No|
|EO 13771 Designation: Not subject to, not significant|
|CFR Citation: 7 CFR 5001|
|Legal Authority: Not Yet Determined|
Statement of Need:
Rural Development is combining its four guaranteed loan programs: 1) Water and Waste Disposal; 2) Community Facilities; 3) Business and Industry; and 4) Rural Energy for America into a single regulation. The new regulation will encompass the policies and procedures for guaranteed loan making and servicing, lender reporting, and program monitoring. The proposed action is expected to involve a few substantive policy changes in order to achieve consistency across the included programs and better customer experience for lenders trying to access these programs.
Summary of the Legal Basis:
This regulatory action is not required by statute or court order; however, the underlying statutes authorizing these policies are the Consolidated Farm and Rural Development Act, 7 U.S.C. 1921 et. seq., and 9007 of the 2002 Farm Bill as amended, 7 U.S.C. 8107.
The alternative is to continue operating under the current existing four regulations for these programs.
Anticipated Costs and Benefits:
At this time an estimated cost is not known. The proposed action is expected to reflect current program policy and produce the same policy results, but in a more effective manner. Anticipated benefits include:
|Regulatory Flexibility Analysis Required: Undetermined||Government Levels Affected: None|
|Small Entities Affected: No||Federalism: No|
|Included in the Regulatory Plan: Yes|
|RIN Data Printed in the FR: No|
|Related Agencies: Joint: USDA/RHS, USDA/RBS;|
Thomas P. Dickson
Department of Agriculture
Rural Utilities Service
1400 Independence Avenue SW,
Washington, DC 20250